Conister Bank, a subsidiary of Manx Financial Group PLC (MFG) (LSE: MFX), is proud to announce another record-breaking financial year in 2024. MFG, the holding company offering a broad spectrum of financial services across the Isle of Man and the United Kingdom, attributes this success to strong customer support and strategic expansion, particularly within the UK.
In 2024, MFG’s profit before tax rose by an impressive 41% to £9.9 million, up from £7.0 million the previous year. Conister Bank’s total assets increased to £474.1 million, while total equity grew by 10.6% to £45.9 million, a clear sign of continued financial strength and effective management.
Driving Growth Across the UK
Conister Bank’s commitment to supporting customers is increasingly focused on the UK, where it now lends an average of £6 million per week, compared to £1 million per week on the Isle of Man. This strategic emphasis has driven a record increase in loans and advances, reaching £366.1 million in 2024.
The Bank’s strong liquidity position, reflected in £91.1 million in cash and near-cash assets, underscores its ability to meet growing demand from UK SMEs and consumers. By combining responsible lending with a deep understanding of underserved markets, Conister is well-positioned to continue expanding its footprint and delivering value across the UK.
Investing in the Future
Douglas Grant, Group CEO and Conister Bank Managing Director, commented:
“These are significant results for Conister Bank and our other businesses, Edgewater Associates Limited and MFX Limited. Individually and as a Group, we continue to invest in systems, service, and people. Our commitment to responsible growth includes setting aside provisions and maintaining disciplined financial controls. We remain well positioned for future growth despite a challenging economic environment.”
Looking Ahead with Confidence
To recognise 2024’s strong performance, the MFG Board has proposed a 48.6% increase in dividends, totalling £0.810 million, reinforcing its ongoing commitment to shareholders.
As Conister Bank continues to evolve, its strategic focus is increasingly centred on the UK market. The Bank’s expansion has already delivered tangible results, including:
• The successful establishment of a UK branch.
• Growth in deposit balances.
• Direct funding of innovative lending solutions such as the Payment Assist portfolio.
Looking ahead, Conister Bank is committed to:
• Broadening SME lending to address underserved segments.
• Launching technology-driven financial products to UK consumers.
• Strengthening regulatory and operational infrastructure to support sustainable growth.
While proud of its 90-year heritage and ongoing support for the Isle of Man, Conister Bank’s future growth will be increasingly driven by opportunities in the UK, where demand for flexible, customer-focused financial services continues to rise.